RFC PROPERTIES, LLC RFC CABINS FREQUENTLY ASKED QUESTIONS. August Cabins Sold 3 Cabins Reserved (Pending Contract)

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1 RFC PROPERTIES, LLC RFC CABINS FREQUENTLY ASKED QUESTIONS August Cabins Sold 3 Cabins Reserved (Pending Contract) Backup Reservations May be Available What is the Roaring Fork Club Cabins project? In March 2017, the Roaring Fork Club Board of Directors and Partners approved moving forward with development of 18 acres formerly known as the Arbaney Kittle Addition. Planned are 13 cabins situated along the westerly and northerly edges of Hole #5 of the golf course. Replacement and expanded employee housing is being newly constructed northwesterly of its current location. The maintenance facilities (to be expanded with a new equipment storage building) will remain where located. Extensive grading, water and landscape features will create a setting representative of other cabins and sites within the Roaring Fork Club campus. Why is Roaring Fork Club building more cabins? The Roaring Fork Club chose to take on this expansion to meet demand of members for larger, multigenerational use residences and to enhance Club facilities. Key considerations are: Provide larger cabins for members who need additional space for their extended families Implement the project with reverence to the overall fabric and character of existing Roaring Fork Club cabin features and environs Relocate employee housing to the northwesterly portion of the property adjoining the existing Kittle House (to be converted to employee housing) and enable development of additional employee units Provide a place for much needed employee and guest overflow parking Convert long-term land and maintenance facility lease obligations to Roaring Fork Club ownership and control Provide resources to address near-term capital requirements for Club and Course refurbishments including golf course irrigation and fire protection systems Can anyone purchase a cabin? Only Regular members of Roaring Fork Club may purchase a cabin. Of the ten cabins to have closed escrow to date, only one has been a member of Roaring Fork Club for less than a year. What s going to be built? There are 13 cabin sites, eight of which adjoin the 5 th hole and five of which are internally oriented around a new private pond enhanced by views of Basalt Mountain and nearby foothills. Two prototype cabins range from 3,700 to 4,000 square feet in one-story and two-story configurations. 1 P a g e

2 Cabins offer 4 to 5 bedrooms and/or den, larger kitchen and living areas, enhanced natural light, extensive decks and other distinctive features. Automobile parking for each Cabin will be in multi-unit two-car fully enclosed and oversized (for storage) garages located at the entry to the Cabin area. Cabins will be accessed along cart paths typical of existing Roaring Fork Club cabin areas. The entire Cabins complex will be graded and landscaped with a mix of native grasses, flowers, shrubs and Spruce, Fir and Aspen groves interconnecting with reconfigured Hole #5 pond and a new pond with meandering streams and water features. Connective cart paths will provide easy and quick access to the Members Lodge and Club amenities. We are selling the sites to Roaring Fork Club Regular Members and then immediately building the cabins for them. This concentrates construction into a shorter, less impactful period and results in cost savings to our buyers. What are the Cabin choices? Ranch Style Cabin One story, 4-bedroom, 4 ½ baths, 3,207+ sq. ft. (plus an optional 750 sq. ft. basement area that could be purposed for two bedrooms with baths, or wine room and entertainment area, or combinations thereof) Two Story Cabin Two story, 4 bedrooms + den, or 5 bedrooms, 4 ½ - 5 ½ baths, 3,841+ sq. ft. Notes: (1) Each cabin will have stairway access to a basement level mechanical room: (2) Each cabin will be constructed over a 5 ½ foot crawl space; (3) Cabin square footages are estimates subject to minor modification through final construction documents; (4) Town of Basalt approved Sketch Plan limits RFC Cabins size to not more than 4,000 sq. ft. each. Cabin design features the Rocky Mountain style currently existing throughout the Roaring Fork Club campus. Exteriors will be of log and wood siding, rustic metal and composite shingle roofing, timber frame porches, thermal insulated and divided light windows, appropriate natural and manicured landscaping and extensive water features. Interior finish options include Cabin Rustic or Mountain Contemporary, as selected by each buyer. What are Cabin features and how do I provide input? Poss Architects has completed construction documents for the two story prototype and preliminary construction documents for the one story prototype. There are two exterior color and material options and two interior design packages. Preliminary plans, specifications and relevant information, including floor plans, elevations and renderings are available. The project team has initiated a program for Buyers to request design modifications to the base plans and specifications. This program is documented in the Lot Purchase and Cabin Development agreements. If there are questions about possible modifications, please contact Alexandra George who will discuss topics and arrange meetings with the architectural/builder team. What will the new Cabins cost? 2 P a g e

3 The full price for site purchase, site development and Cabin construction, including landscape and water features, high quality interior finishes and appliances is estimated to range from $4.7 to $5.7 million depending on site and cabin selections. The initial Cabin site purchase price ranges from $1,750,000 to $1,975,000. Payments for construction will occur at various stages through completion. When will this all happen? 2017 o Executed Lot Purchase agreements with buyers o Obtained Development Plan approvals from Basalt Planning & Town Council o Prepared final infrastructure, landscape and cabin construction documents o Selected general contractor o Ongoing sales, marketing and management activities January February 2018 o Obtained Final Approval from Basalt Town Council on January 23 o Completed Town Approval Documents and recorded Final Plat o Closed on purchase of land from the Arbaney Kittle Family o Executed Cabin Development Agreements with buyers March July 2018 o Closed on ten lot sales to Regular RFC Members o Executed development and construction agreements with contractor(s) o Ground breaking and start Phase I site development work o Prepare employee housing site, install foundations, erect seven new buildings o Start Phase I Cabin construction August December 2018 o Complete and occupy new employee housing o Complete Phase I site development work o Initiate Phase II site development work o Start Phase II Cabin construction August 2019 June 2020 o Deliver cabins for occupancy o Celebrate completion of this outstanding community Who is the development team? RFC Properties, LLC (Developer) o Project Oversight RFC Board, Kent Meager and Geoff Hasley, COO o Project & Development Manager Dennis Carruth, Carruth Properties Company o Project Insight Bill Hegberg o Construction Manager Don Carpenter, Project Resource Company o Real Estate & Marketing Manager Alexandra George o Construction Coordinator Teri Bruna Consultants o Site Design and Landscape Architecture Design Workshop o Cabin Architecture Bill Poss Architects/Planners o Civil Engineering Sopris Engineering 3 P a g e

4 o Environmental Colorado Wildlife Science o Soils/Geotechnical CTL Thompson Key Contractors o Overall development - Harriman Construction o Cabin construction Harriman Construction o Horizontal infrastructure Gould Construction o Landscape and water features Landscape Workshop WHAT IS CURRENTLY AVAILABLE? To date, RFC Properties has closed ten Cabin site sales and signed Cabin Development Agreements with ten new owners. Three Cabin sites are under reservation, anticipating September closings. Backup Reservation Agreements secured by a $25, refundable deposit may be available in the case that a current reservation falls through. These sites have views of Basalt Mountain and surrounding foothills and enjoy proximity to a new pond, landscape and water features. Purchase of a Lot requires execution of a Cabin Development Contract whereby RFC Properties is responsible for having the Buyer s choice of cabin constructed on the property. How do I become a Site and Cabin Owner? The first step is to contact Dennis Carruth or Alexandra George to arrange an information meeting and site tour. If you like what you see, then the following process applies: Choose an unreserved Cabin site, enter a Reservation Agreement and advance an initial $250,000 deposit. Enter into a Lot Purchase Agreement and a Cabin Development Agreement. Close on the Lot Purchase Begin Cabin construction and advance periodic payments. o Phase I beginning July 2018 o Phase II beginning December 2018 o Cabin occupancy anticipated to be delivered August 2019 to Spring How do I stay updated on project happenings? Project updates and documents are available on How can the Real Estate Brokerage Community be involved? General information about the project and the two cabin choices is listed in the Aspen Board of Realtors MLS service. Buyer broker engagement is invited and will be compensated pursuant to separate agreement with RFC Properties, LLC. How do I contact you? Dennis Carruth, Project & Development Manager, dcarruth@rfclub.com, Cell: Alexandra George, Real Estate & Marketing Manager, ageorge@rfclub.com, Cell: P a g e

5 Note: Dennis Carruth, Broker, and Alexandra George, Broker Associate, are Colorado licensed real estate brokers under Carruth Properties Company, acting as Transaction Broker with respect to the RFC Cabin project. We are members of the Aspen Board of Realtors. 5 P a g e